New Choices For College Savings Plan 

(Springfield, IL) — Illinois State Treasurer Michael Frerichs is making some changes in the state’s tax-free college savings plans. The state is moving the management of its so-called 529 plans from Oppenheimer to Union Bank & Trust. Frerichs says the change will mean reduced fees and more investment choices. Also, starting this year, those investors who use an advisor for their 529 plans will be part of the Bright Directions plan, while those who make their own investment decisions will be part of the Bright Start Direct plan. Both plans allow investors to save money for college and avoid paying taxes on money withdrawn for college expenses.